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As more and more people enter the remote workforce, the idea of what home means along with its overall look and feel are changing.
There is no denying that there are a lot of advantages that come with working from home, such as the opportunity to develop stronger relationships with family members, the chance to save money on gas, and more autonomy over one’s work schedule. Moreover, recently, remote work has also given rise to ample home renovations and new home purchases.
In general, people seem to be spending more time at home than they did in the past. Thus, it makes sense that homeowners are beginning to desire more living space and more smart home features. In fact, in addition to investing in new floor plans, renovating cabinets, and adding a dedicated home office, many people are asking themselves if it is simply time to make a new home purchase?
If you are contemplating these same questions thanks to working from home, then you already know how overwhelming this decision can be. But the good news is that it doesn’t have to be—if you truly weigh the pros and cons. Plus, purchasing a new home that offers the space you need and the features you want without having to deal with all the disruptions that can come with renovating is definitely worth considering.
What’s more, with mortgage rates at all-time lows, buying a home right now might also be the more fiscally advantageous option in the long run. Of course, only you know what will work best for you, your family, and your budget. But that said, even if you are leaning toward upgrading versus moving, you will likely still need to consider some form of construction or renovation financing ( a cash-out refinance, an FHA rehab loan, a home equity loan, a home equity line of credit, or even a personal loan) to pay for the bigger projects.
Regardless of which path you choose, if you are like most people, working from home has definitely had an effect on what you want in a home in 2021. Unsurprisingly many homeowners and buyers want a dedicated space for a home office, ample outdoor living space, smart home features, spa-like bathrooms, home gyms, entertainment areas, and even video conferencing living rooms—just to name a few.
As previously mentioned, while many are creating the ideal office space in their homes, others are weighing the pros and cons of moving to a new home entirely. In the past, the vast majority of people ended up purchasing a new home because they recently obtained a new job, needed to live close to work, or because their overall situation changed (family grew, kids left home, downsizing, retiring, etc.). But now, with more remote workers than ever before, people are buying new homes for different reasons—whether it’s more room, more flexibility, no longer needing to commute to work, or in order to be closer to coveted amenities. Plus, with staycations gaining in popularity, many people are looking for a new home that can offer them resort-style living and then some.
Ultimately, if you work from home and are considering buying a new home, it is important to keep in mind that you are not just buying a house. Instead, you are purchasing a home, a factory, a lab, an office, a warehouse, a learning center, a restaurant, and a space that you will spend a good portion of your day in. As a result, you should choose your home with work in mind. Even if you are not working from home full-time or at the moment, having dedicated space that would enable you to comfortably work from home down the road is actually an investment in your future.
Of course, at the end of the day, everyone’s situation is different. However, when it comes to investing in your working-from-home home or finding the house that has it all, identifying what you need to do your job and do it well is a must. And this is especially true when trying to stay within your budget (renovation or homebuying). That said, working from home in 2021 truly does represent a lifestyle shift that is affecting how people live, work, and play—one that will likely continue for the foreseeable future.
Are you curious about mortgages, looking for renovation financing, or are you ready to apply for one to buy a new home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.